BioSig Technologies (NSDQ:BSGM) said yesterday that it signed a new licensing agreement with Mayo Clinic to further its Pure EP system, less than two months after the Mayo Clinic invested $1 million in BioSig’s first product.
Westport, Conn.-based BioSig and the Rochester, Minn.-based clinic inked a 10-year strategic partnership agreement for the Pure EP system’s development in March 2017. The new agreement is in place to develop a new product pipeline to support Pure EP, a computerized system designed to acquire, digitize, measure, display and store electrocardiographic and intracardiac signals for patients undergoing electrophysiology procedures.
The product sets out to assist electrophysiologists with decision-making during EP procedures in patients with abnormal heart rates and rhythms. The Pure EP system is indicated for use under supervision of license healthcare practitioners that are responsible for interpreting the data.
In March, just months before BioSig received the Mayo Clinic’s $1 million investment, the company announced it had raised $8.6 million for the Pure EP system in an equity round. In early 2019, BioSig also conducted first patient cases with the Pure EP at the Texas Cardiac Arrhythmia Institute in Austin, Texas, Greenville Memorial Hospital in Greenville, S.C., and the Indiana University School of Medicine.
The development program for the Pure EP system will be led by the Mayo Clinic’s vice-chair of innovation and medical director, Dr. Samuel Asirvatham.
“We are very pleased to expand our relationship with the outstanding physician team at Mayo Clinic. Their commitment to improving patient care resonates deeply with our Company’s mission to bring innovative technological solutions to medicine, and we are looking forward to this next chapter in our collaboration. The new product that we intend to develop under the latest licensing will seek to significantly advance the current arrhythmia treatments. It will be an exciting journey, and we look forward to reporting on our progress,” commented Kenneth L. Londoner, Chairman and CEO of BioSig Technologies, Inc.
Shares of BSGM were down -2.3% at $7.62 per share in late-morning trading today.